This week, the expiration of open market pledged reverse repos is only 35 billion yuan.

Overall, the pressure from cross-seasonal funds is not significant. Looking at the breakdown of funds in the open market, the size of the 7-day pledge-style reverse repurchase operations expiring this week has significantly decreased to 3.5 billion yuan. There are 600 billion yuan of 6-month buy-back reverse repurchase agreements expiring this week, but the size of the follow-up operations has not been announced yet.